Cushman & Wakefield prepared a strategy on behalf of MEAG, for the sale of EGEO building, located in the business area of “Campo de las Naciones”, which is the most well-known and demanded business area in Madrid, provided with great facilities and services.
C&W prepared an exhaustive market intelligence on the market as a whole and the area, focus mainly on a reduced group of investors, in a very professional practice.
Following the receipts of 10 offers to purchase, a competitive due diligence process was recommended between the top 3 bidders, thus reducing substantially execution risk.
• Preparation of a robust business case for the asset and submarket.
• Rigorous selection of qualified investors to maintain focus on the key capital.
• Pre-sale technical audit carried out to identify and quantify potential issues that could arise.
• Discussions on vendors financing (eventually not required)
• Process strictly managed with 3 week DD period to close.
The transaction closed within the requirement timescales following and extremely intense 3 week competitive due diligence period. The investor demand generated enabled us to employ this structure, thereby almost eliminating execution risk and the avoiding a delayed completion outside the timeframe required by the vendor.
• The timing requirement was met.
• Price achieved was € 64 M.
• Purchaser: Grupo Lar
• The competitive due diligence round achieved 9 % increase in Price over the non-binding offer levels received.